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Business Bounce Back Loan

Are you a small, UK based, business that have been negatively impacted by Covid-19 and were not an ‘undertaking in difficulty’ as of the end of 2019? Good news, on 27th April, Rishi Sunak announced the new Bounce Back Loan scheme after growing pressure to provide extra support to small business.

What’s on offer

  • Loans of between £2,000 and £50,000
  • The Government is to support lenders with a 100% guarantee for the loan
  • Terms of up to 6 years
  • There are no fees or interest to pay for the first 12 months
  • No loan repayments will be due during the first 12 months
  • There will be a “low level” of interest for the remaining period of the loan.

How to apply for a Bounce Back Loan

  • Applications for the Bounce Back Loan scheme will launch this week
  • The scheme will be delivered through a network of accredited lenders.
  • The loan should be easy to apply for via an online application and the funds are said to be paid within days.

Finance

  • Loans of between £2,000 and £50,000
  • The Government is to support lenders with a 100% guarantee for the loan
  • Terms of up to 6 years
  • There are no fees or interest to pay for the first 12 months
  • No loan repayments will be due during the first 12 months
  • There will be a “low level” of interest for the remaining period of the loan.

How to apply for a Bounce Back Loan

  • Applications for the Bounce Back Loan scheme will launch this week
  • The scheme will be delivered through a network of accredited lenders.
  • The loan should be easy to apply for via an online application and the funds are said to be paid within days.

For further information, please see the HMRC Government website.

Written by Ellie Hammett ACCA


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